Procter & Gamble: A Solid 'Buy' With Some Caveats

Procter & Gamble's underperformance over the past year or so has made the stock increasingly attractive for long-term investors. A dividend yield of almost 3% might not sound exciting, but there are other considerations that investors should not overlook. When it comes to the stock's valuation, the market seems to be overreacting to recent developments that will most likely be transitional in nature.